Arweave is a network that offers permanent and uncensorable data storage in a decentralized way. It has a unique blockchain design called blockweave and its own cryptocurrency called AR. AR is needed to store data, use decentralized applications, and join network governance. Arweave has a lively community of developers and users.
The total value of the Arweave (AR) network, if all 66 Million AR tokens were available today, is $280,454,394. This is the fully diluted valuation (FDV) of the cryptocurrency. However, not all AR tokens are in circulation yet as they are released slowly over time. This means that the actual market cap of Arweave (AR) may be lower than the FDV. According to CoinGecko, a data aggregator website, it may take many years for the FDV to be attained.
Arweave crypto plummeted by 1.23% in market value and by 24.29% in trading volume in the last 24 hours, per Coinmarketcap which is a crypto data and information website. Its market value is $277,688,538 and its trading volume is $3,676,200. There are 65,454,185 AR in circulation.
Arweave (AR) open interest is $7.66 Million, As per Coinglass, a crypto analysis website, it fell 1.13% in the previous session. The long versus short ratio for 24 hours is 0.922. The total number of short positions added in the last 24 hours is $905.441 against longs of $6,912.311.
Moreover, the AR coin has not shown good performance this month as it fell by 19.89% and by 49.43% in the past six months, showing underperformance. Also, the year-to-date return of AR price is negative with a 31.90% decline.
Technical Analysis of AR Crypto in the 1-Day Timeframe
The AR crypto price has been plummeting since last year by 57.31%, losing its value and creating lower highs and lows and descending.
The AR crypto price is facing a lot of selling pressure and dropping every day. The bears are dominating and the price is not able to recover. The 50.00% Fibo level of $10 was breached in February 2023 and descended significantly.
The AR crypto price might keep falling and reach or break the support levels of $3 and $2 if it does not maintain the current level and drops more.
On the other hand, if the price holds at the CMP level and breaks above the trendline, then it might reach the nearest target resistance levels of $5 and $6.
At the time of publishing, Arweave (AR) is trading below 50, and 100 EMA, showing bearishness on daily charts. RSI is around 42 that turned bearish and the MACD indicates bearishness to consolidation. Collectively, the indicators view is consolidation to bearishness.
Conclusion
The AR crypto price prediction shows a negative outlook and a lack of confidence from investors and traders in the daily time frame. Arweave price action reveals a downward trend at the time of writing. Moreover, the most popular and reliable technical indicators such as RSI, EMA, and MACD suggest that the downward trend will continue in the daily time frame chart for the price.
Technical Levels:
- Support levels: $3 and $2
- Resistance levels: $5 and $6
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/09/ar-price-forecast-2023-can-arweave-recover-from-fall-and-rise/